Buoyed by increasing number of paid subscribers, digital magazine newsstand Magzter is looking to raise $30 million in series C funding to expand operations.

Launched in 2011 by Vijay Radhakrishnan and Girish Ramdas with an initial investment of $0.5 million, the company raised $3 million from Kalaari Capital in 2012. In 2014, it raised $10 million in series B round of funding led by Singapore Press Holdings (SPH) and Kalaari Capital.

“We are in the process of raising $30 million and are looking for the lead investor. We have already lined up co-investment partners,” Vijay Radhakrishnan, co-founder of Magzter told ET.

Radhakrishnan said the company aims to be cash positive in the next few years.

“Magzter has grown today in a one of its kind service with 7,800 magazines from over 3,200 publications around the world. We have 1.6 million unique paying customers. So, we have acquired the critical mass,” he said.